Tapping Global Growth in Specialised Accommodation - CGS-CIMB Securities Trading Representatives Presentation 4 September 2019 - Centurion

 
Tapping Global Growth in Specialised Accommodation - CGS-CIMB Securities Trading Representatives Presentation 4 September 2019 - Centurion
Tapping Global Growth in
Specialised Accommodation

              CGS-CIMB Securities
  Trading Representatives Presentation
                   4 September 2019

                   Centurion Corporation Limited
Tapping Global Growth in Specialised Accommodation - CGS-CIMB Securities Trading Representatives Presentation 4 September 2019 - Centurion
DISCLAIMER

 This presentation should be read in conjunction with the Company’s 2Q and 1H 2019 Unaudited Financial
 Statement Announcement for the period ended 30 June 2019.
 This presentation and the accompanying presentation materials (if any) ("Presentation") are made for
 informational purposes, without regard to the objectives, financial situation nor needs of any specific persons.
 This Presentation does not constitute, or form any part of any offer for sale of or subscription of, or solicitation of
 any offer to buy or subscribe for, any securities nor shall it, or any part of it form the basis of, or be relied on in
 connection with, any contract or commitment whatsoever.
 This Presentation was prepared exclusively for the parties presently being invited for the purposes of discussion.
 Neither the Presentation nor any of its content may be distributed, reproduced or used without the prior written
 consent of Centurion Corporation Limited (“Centurion” or “Company"). The Company does not make any
 representation or warranty, express or implied, as to the accuracy of the information contained herein, and
 expressly disclaim any and all liability based, in whole or in part, on such information, errors therein or omissions
 therefrom.
 This Presentation includes forward-looking statements provided with respect to the anticipated future
 performance of the Company. Such forward-looking statements reflect various assumptions of the management
 concerning the future performance of the Company. Accordingly, there can be no assurance that such projections
 and forward-looking statements will be realised. The actual results may vary from the anticipated results and
 such variation may be material. No representations or warranties are made as to the accuracy or
 reasonableness of such assumptions or the forward-looking statements based thereon.

Centurion Corporation Limited                                                                                          2
Tapping Global Growth in Specialised Accommodation - CGS-CIMB Securities Trading Representatives Presentation 4 September 2019 - Centurion
CONTENTS

       • Corporate Overview

       • Markets and Business Portfolio Overview

       • Financial Highlights

       • Growth Strategy

Centurion Corporation Limited                      3
Tapping Global Growth in Specialised Accommodation - CGS-CIMB Securities Trading Representatives Presentation 4 September 2019 - Centurion
Company Overview
An established business with strong fundamentals operating in a growing market
 The largest purpose built workers accommodation provider in Singapore and Malaysia *
  with 11 operating assets and 1 asset pending completion of acquisition of land and
  planning approval in Malaysia.
  o Supported by consistently high occupancy rates and stable bed rates

 A thriving student accommodation business in major global education hubs
  o 20 operating assets in Singapore, Australia, South Korea, UK and US with high
       occupancy rates on the back of strong and stable demand
  o Establishing investment management platform to manage US student
       accommodation assets for third party investors

 Operating a high quality portfolio in key locations through two established and
  professional brand platforms

      Dedicated to workers accommodation   Dedicated to student accommodation

 Proven and reliable ability to generate quality earnings and steady cashflow from assets

 A stable and experienced leadership team with an average of 20+ years in the industry
Note: * Euromonitor report, 2017

Centurion Corporation Limited                                                                4
Tapping Global Growth in Specialised Accommodation - CGS-CIMB Securities Trading Representatives Presentation 4 September 2019 - Centurion
Corporate Milestones
Centurion has achieved a leading market position in the purpose-built accommodation sector since its first investment in 2011

       Completed acquisition of Westlite                   Acquired 2 additional workers                Awarded the tender to operate a                Launched “dwell” as the Group’s
        Toh Guan and 45% interest in Lian                    accommodation in Johor (Pasir                 332-bed student accommodation,                  student accommodation brand
        Beng-Centurion                                       Gudang)                                       dwell Selegie, Singapore                       Acquired a development site at
       Renamed Centurion Corporation                       Commenced operations of Westlite             Completed 4,100-bed Westlite                    Adelaide
        Limited following RTO                                Senai                                         Woodlands workers                              Dual primary listed in HK in Dec 2017
                                                                                                           accommodation asset                             (SEHK code: 6090)
                                                                                                                                                                                                        Completed construction and
                                                                                                                                                          Acquired six US assets (28.7% share)          development of 280-bed dwell
                                                                                                                                                                                                         East End Adelaide in October

         1984                      2011                  2012                     2013                 2014                  2015                 2016                       2017                      2018

         Incorporated in Singapore to provide                 Acquired assets in Johor (Westlite             Opened the 5,800-bed Westlite                Acquired four student                    Acquired 127-bed Princess
          audio cassette tape duplication services              Tebrau, 2 blocks of workers                     Johor Technology Park                         accommodation assets in Bristol,          Street, Manchester and 133-
         First listed on SESDAQ in January 1995                accommodation at Pasir Gudang),                Completed upgrading of                        Newcastle and Manchester, UK              bed Castle Gate Haus,
         Transfer of listing from SESDAQ to the                Malaysia and a piece of land in Port            Westlite Toh Guan                                                                       Nottingham, UK; and 208-bed
                                                                                                                                                             Completed 7,900-bed ASPRI-                dwell Dongdaemun*, Seoul,
          main board of SGX-ST (October 1998)                   Hedland Western Australia                      Acquired RMIT Village in                      Westlite Papan workers
                                                                                                                Melbourne, Australia                                                                    South Korea.
                                                                                                                                                              accommodation
                                                                                                               Opened the 6,300-bed Westlite
                                                                                                                Mandai, Singapore
                                                                                                               Acquired four student
                                                                                                                accommodation assets in
                                                                                                                Manchester and Liverpool in the
                                                                                                                UK

Centurion Corporation Limited                                                                                                                                                                                                 5
                                                                                         * Upon completion of AEP in 2Q 2019
Tapping Global Growth in Specialised Accommodation - CGS-CIMB Securities Trading Representatives Presentation 4 September 2019 - Centurion
Accommodation Growth Profile1
                                                                                    Accommodation Portfolio - Bed Capacity
                                80,000

                                                                                                                                                                                                             2,145
                                                                                                                                                                                                       208

                                70,000                                                                                                                                                       2,145           2,675
                                                                                                                                                                                                       332
                                                                                                                                                                                       208
                                                                                                                                        2,140                              2,145                              896
                                                                                                                    2,420                                            208                     2,675
                                                                                                                                   0                                                   332
                                                                                                                                        2,420                              2,675              896
                                60,000                                                                        332
                                                                                                                        456       332                                332
                                                                                                                                         456             2,145              896
                                                                                                                                                     0
                                                                                                    1,901                                                2,675
                                50,000                                                                                                           332
                                                                                              315                   25,300                                456                                                40,400
                                                                                                    456                                 23,700
                                                                                                                                                                                             34,300
                  No. of beds

                                                                                                                                                                           30,700
                                                                                  1,906
                                40,000
                                                                                                    19,800                                               23,700
                                                                                   456

                                30,000                                            14,500

                                                                    13,500

                                20,000                 10,900
                                                                                                                    34,700              34,700
                                                                                                    27,600                                               26,100            28,000            28,000          28,000
                                                                                  23,500
                                10,000                              19,700
                                                       13,900

                                         5,300
                                    0
                                         5,300         24,800       33,200        40,362            50,072          63,208              63,748           55,408            64,956            68,556          74,656
                                         2011           2012         2013          2014             2015            2016                2017             2018
                                                                                                                                                                 2         2019F             2020F 3         2021F
                                                                                                                                                                                                                      4

                                                 Singapore (Wk)   Malaysia (Wk)   Australia (Stu)     Singapore (Stu)         United Kingdom (Stu)       United States (Stu)        S.Korea (Stu)

Note:
1. Based on developments at existing facilities that are already owned by Centurion Corp.
2. Includes Westlite Tuas which land lease had expired as of Jan 2018 | Includes 133-bed dwell Castle Gate Haus (14.29% owned interest) which acquisition was completed on 9 Nov 2018.
3. Includes Westlite Tampoi II c.3,600 beds to be completed in 2020
4. Includes Westlite Juru c.6,100 beds (pending acquisition of land) to be completed in 2021

Centurion Corporation Limited                                                                                                                                                                                             6
Tapping Global Growth in Specialised Accommodation - CGS-CIMB Securities Trading Representatives Presentation 4 September 2019 - Centurion
Pipeline for Portfolio Growth
  Majority of the new 160 beds for the dwell RMIT Village AEP completed as
   at 2Q 2019
         4 remaining beds still closed for the AEP

  Leased an adjacent block in Westlite Pasir Gudang
         Additional block of c.400 beds
         3+3+3 lease term

  Commenced development for Westlite Tampoi II
         Building 3 blocks, adding c.3,600 beds
         Expected to complete construction in 3Q 2020

  Secured 10-year lease for new site Westlite Juniper (fka Juniper Lodge)
         Adding c.1,900 beds
         Lease commences from September 2019

  Obtained Outline Permission from URA for Westlite Toh Guan to
   reconstruct an existing block
        Reconstruction will add an industrial training centre
        To apply for a written permission and seek approval for an extension of the
         use of the existing lease for PBWA use from 2032 to 2057

Centurion Corporation Limited                                                          7
Tapping Global Growth in Specialised Accommodation - CGS-CIMB Securities Trading Representatives Presentation 4 September 2019 - Centurion
Diversified Business Portfolio across Geography
and Asset Type
Geographic diversification across 6 countries worldwide (SG, AU, MY, UK, US, S. Korea)

                                                                                                            United Kingdom
                                                                                                              2,675 beds

               United States                                                                                                                                        South Korea
                 2,145 beds                                                                                                                                          208 beds

                                                                                                                                   Malaysia
                                                                                                                                 c.30,700 beds                 Singapore
                                                                                                                                 c.3,600 beds ^               c.26,100 beds
                                                                                                                                 c.6,100 beds *               c.1,900 beds #
                                                                                                                                                                332 beds
                                                                                                                                                  Australia
                                                                                                                                                  892 beds
 Legend:
               PBWA
               PBSA
    Under Planning/Development

    ^ c. 3,600 beds under Westlite Tampoi II (currently under development) to be completed in 2020
    * c. 6,100 beds under Westlite Juru (pending acquisition of land) to be completed in 2021
    # c. 1,900 beds to be added to SG from securing of a 10-year lease for Westlite Juniper, commence operations from Sep 2019

Centurion Corporation Limited                                                                                                                                                     8
Tapping Global Growth in Specialised Accommodation - CGS-CIMB Securities Trading Representatives Presentation 4 September 2019 - Centurion
Diversified Business Portfolio by Asset Type and across
Geographies
                                             PBWA                  PBSA
                                             56,800                6,252
                                              90%                   10%

                                                      # beds as
                                                      at 1H 2019                            Singapore
                                                                                               332
                                                                                               5%
                                                                               US                Australia
                                Singapore                                     2,145                892
       Malaysia                  26,100                                       34%                 14%
        30,700                     46%
         54%
                                                                           S. Korea
                                                                              208                UK
                                                                              4%                2,675
                                                                                                43%
                                                                   PBSA
                                                                   S$23m
                                                                    36%
                                                      Revenue
              Malaysia                                1H 2019                    US         Singapore
               12%                                                               3%            8%
                                            PBWA
                                            S$41m
                                             64%                       S. Korea
                                                                          1%
                                                                                                    Australia
                                                                                                     23%

                                Singapore
                                   88%                                                 UK
                                                                                      65%

Centurion Corporation Limited                                                                                   9
Tapping Global Growth in Specialised Accommodation - CGS-CIMB Securities Trading Representatives Presentation 4 September 2019 - Centurion
Business Overview

Purpose Built Workers
   Accommodation
Healthy and Supportive Industry Fundamentals
Positive regulatory and demand-supply factors at work for the PBWA sector
      High demand for foreign/migrant workers in multiple
       countries around the world
          o     SE Asia

          o     Middle East etc

      Growing awareness on the need for improved
       welfare of foreign and migrant worker populations

      Increased pressure for regulatory controls
          o     Government

                  - New legislation that requires employers to provide
                    formal workers’ accommodation has been
                    announced

          o     Corporates (RBA)

                  - RBA supports the rights and well-being of workers
                      with housing and living condition being one of the
                      main concerns

 Strong demand-supply dynamics
                                                                                                                  Source: www.retalkasia.com/news/2018/06/11/new-law-creates-demand-formal-
                                                                                                                  workers’-accommodation-malaysia/1528671616

    Note: RBA denotes the Responsible Business Alliance, previously known as Electronic Industry Citizenship Coalition

Centurion Corporation Limited                                                                                                                                                                 11
Leading Market Position with Well-Regarded Brand
A brand synonymous with quality accommodation for foreign workers

   Westlite has been professionally managing workers accommodation for
    MNCs and corporates since 2011

   Addresses:
    o Regulatory (Government) concerns over security, hygiene, community
       integration
    o Compliance to corporate requirements for workers accommodation (e.g. RBA)
    o Physical and mental health of workers, improving work productivity

   Westlite characteristics:
    o Self-contained permanent structure in a secure environment
    o Freehold or long term leases of between 23 –99 years
    o Spacious apartment style living spaces with en-suite or shared bathrooms and
       cooking facilities
    o Comprehensive amenities including supermarket, food court, sick bay, gym,
       indoor and outdoor community facilities

   Westlite rents typically commands a premium over its competitors

Centurion Corporation Limited                                                        12
Leading Market Position with Well-Regarded
Brand (continued)
• Providing comprehensive amenities and facilities
• Holistic approach to ensure well-being of residents through a comprehensive range of
  community programs

     Superior Building Design               Well Ventilated Bedrooms         Recreation Areas                        24 hrs Security & Surveillance           ATM

                                                                                                                                                            Spacious
Face Recognition Turnstile System        Well Stocked Supermarket      Free Wi-Fi Access & Internet Room         Training/ Multi-purpose Rooms               Kitchen

                                Street Soccer

          Street Soccer                         Sepak Takraw                    Basketball & Volleyball Courts           Cricket Courts               Gym

Centurion Corporation Limited                                                                                                                                          13
Workers Accommodation – Singapore
    4 operating assets with capacity of c.26,100 beds
        o Assets in good locations, meeting regulatory requirements for facilities and amenities
    On a portfolio basis, assets are achieving healthy average occupancy rates of c.97% for 1H 2019

                                                                                                  Westlite Woodlands
                                                                                                  • c.4,100 beds
                                                                                                  • Land tenure: 30 years (wef 2013)
                                                                                                  • 100% owned

        Westlite Juniper
        • c.1,900 beds (from Sep 2019)
        • Land tenure: 10 years (wef 2019), with option to
          renew for another 5 years
        • 100% owned

                                                                                                  Westlite Toh Guan
                                                             ASPRI-Westlite Papan                 • c.7,800 beds
                                                             • 7,900 beds                         • Land tenure: 60 years (wef 1997)
       Westlite Mandai                                       • Land tenure: 23 years (wef 2015)   • 100% owned
       • c.6,300 beds                                        • 51% owned
       • Land tenure: Freehold
       • 45% owned

Centurion Corporation Limited                                                                                                          14
Workers Accommodation Landscape
Regulated Singapore PBWA sector with demand outstripping supply

                                                                                  c.719K - Total Work Permit Holders in Singapore
                                                                                    Excludes Foreign Domestic Workers sectors; includes
   Demand

                                                                                   Construction, Marine, Process, Oil and Gas; Services and
                        Workers from construction                                                   Manufacturing sectors                        Workers from marine, oil & gas,
                        sector                                                                                                                   petrochemical processing sectors
                                                                                      c.380K* - Total Work Permit Holders
                                                                                  All sectors excluding Services and Manufacturing sectors are
                                                                                            required to stay in approved housing types

                                 Purpose Build Workers                                                           Supply Shortage (120,000 – 150,000)
                                    Accommodation
                                                                                                   Factory                         On-site                   Non Purpose
                                                222,600                                         Converted Dorm                      Dorm                     Built / Others
                           109,300                                   113,300                         c.60,000                     c.60,000                      c.25,600
   Supply

                    Long term PBWA                             Short term PBWA                          FCD                         On-site                       Others

 Source: Singapore Ministry of Manpower (as at Dec 2018) | * Centurion research

Centurion Corporation Limited                                                                                                                                                       15
Workers Accommodation Landscape

                                          • Population of Non-Domestic Foreign Workers with work permits (excluding
                                            Foreign Domestic Workers) was at 718,8001 as at December 2018 (vs
                                            718,400 as at Dec 2017)
                                          • No new supply expected in 2019, current supply reducing
                                              • c.8,600 beds2 have expired in 2018
                                              • c.19,500 beds2 estimated to expire in 2019
        Singapore
                                          • Demand outstrip supply by c.120,000 – 150,000 beds2 for PBWA3
                                          • Government policies encourage shift of foreign workers to PBWA
                                               • non-Malaysians from the manufacturing sector will not be allowed to rent entire HDB
                                                 flats – only individual rooms
                                               • new regulations for FCDs – operators to provide free Wi-Fi, personal lockers, a way to
                                                 provide feedback on their accommodations and at least one sick bay or contingency
                                                 plans to contain infectious diseases

Note:
1. Ministry of Manpower – Foreign workforce numbers
2. Centurion Corp Research
3. PBWA denotes Purpose Built Workers Accommodation

Centurion Corporation Limited                                                                                                             16
Workers Accommodation – Malaysia
        Current capacity of c.30,700 beds (7 operating assets); c.9,700 beds in the pipeline (2 assets)
        On a portfolio basis, the 6 operational assets (excluding Westlite Bukit Minyak) are achieving average occupancy
         rates of c.90% for 1H 2019

                                                                                                                    Westlite Tampoi                      Westlite Tampoi II (under
                                                                                                                    • c.5,300 beds                       development)
                                                                                                                    • Land tenure: Freehold              • c.3,600 beds
       Westlite Juru (pending acquisition of land)
                                                                                                                    • 100% owned                         • Land tenure: Freehold
       • c.6,100 beds
                                                                                                                                                         • 100% owned
       • Land tenure: 99 years (wef 2014)
       • 100% owned

                                                                                                                    Westlite Pasir Gudang
                                                                                                                    • c.2,000 beds
       Westlite Bukit Minyak                         Westlife Johor Tech Park                                       • Land tenure: 99 years (wef 1986)
       • c.6,600 beds                                • c.5,800 beds                                                 • 100% owned
       • Land tenure: Freehold                       • Land tenure: 99 years (wef 2013)
       • 100% owned                                  • 100% owned                                                   • c.400 beds (leased block)
                                                                                                                    • Land tenure: 9 years (wef 2019)
                                                                                                                    • 100% owned

                                                      Westlite Senai II                   Westlite Senai            Westlite Tebrau
                                                      • c.5,900 beds                      • c.2,600 beds            • c.2,100 beds
                                                      • Land tenure: Freehold             • Land tenure: Freehold   • Land tenure: 60 years (wef 2000)
                                                      • 100% owned                        • 100% owned              • 100% owned

Centurion Corporation Limited                                                                                                                                               17
Workers Accommodation Landscape
                                              • Large foreign workers population in Malaysia
                                                     More than c.2 million1 registered legal foreign workers in Malaysia
                                                      c.819,0001 are foreign manufacturing workers
                                                     c.1 million2 unregistered foreign workers
            Malaysia
                                              • Government policies encourage proper housing for foreign workers
                                                Passing of Workers’ Minimum Standard of Housing and Amenities
                                                (Amendment) Bill 20193
                                              • Government supports hiring foreign workers to ease labour shortage

                             Source: Malay Mail,15 July 2019,
                             ‘Bill for workers’ housing and
                             amenities passed’

Note:
1. Retalk Asia – New law creates demand for formal workers’ accommodation – Malaysia – 11 Jun 2018
2. The Straits Times – KL starts round-up of illegal workers – 31 Aug 2018
3. Malay Mail – Bill for workers' housing and amenities passed – 15 Jul 2019

Centurion Corporation Limited                                                                                               18
Workers Accommodation
Diversified, stable customer base

  •   more than 1,084 customers in Singapore and Malaysia
  •   serves companies from diverse industries
  •   ability to cater to multiple industries insulate the Group
  •   less affected by economic fluctuations or government policies affecting any one industry

         S/N.                  Industry Percentage                                  (%)
          1                    Construction                                         43.5
          2                    Oil & Gas                                            28.1
          3                    Manufacturing                                        11.9
          4                    Marine                                               6.7
          5                    Service                                              5.2
          6                    Engineering                                          4.5
          7                    Others                                               0.1
                               Total                                                100
       ^ Breakdown of workers revenue by industry for Singapore and Malaysia only
       * As at 30 June 2019

Centurion Corporation Limited                                                                    19
Business Overview

Purpose Built Student
  Accommodation
Healthy and Supportive Industry Fundamentals
A fast-growing, in-demand asset class for institutional investors

     Supply remains low in mature markets such as Australia, UK and US, where
      the number of PBSA beds is measured against total student populations in each
      destination
        o national provision rates (beds to full time higher education students) at 11%
            in Australia, 24% in the UK1, 12% in US

     A resilient and in demand asset class for institutional investors
       o total private investment in student housing is growing quickly – up nearly
           90% since 2013, reaching US$17.5 billion1 in 2017
       o accounts for only a fraction of the US$223 billion invested in residential real
           estate in 2018
       o sector offers investors yields between 4-7% annually with less volatility

                                Source: 1. Savills – Global Living Report 2018
Centurion Corporation Limited                                                              21
Leading Market Position with Well-Regarded Brand
Exciting growth prospects in the higher education segment
    Centurion owns and manages 20 student accommodation assets with 6,256 beds
     across Australia, Singapore, South Korea, UK and US
       o   12 assets are fully owned and managed
       o   8 are owned through private funds and joint ventures, under management
           services
             • 6 assets in US (28.74% owned)
             • 1 asset in Nottingham, UK (14.29% owned)
             • 1 asset in Seoul, S. Korea (55% owned)

    Consistently achieved healthy occupancy rates above 90% over the past 3 years
       o   close relationships with nearby universities and student agent partners
       o   diversified customer base including local domestic students and
           international students from PRC, India, SE Asia, Europe and the Americas
             • supported by sales & marketing offices in PRC and SE Asia

    Launch of the dwell brand in Feb 2017 has enabled Centurion to embark on
     Asset Light Strategies to grow its portfolio and its fee-based investment, asset
     and property management services
      o establishment of Centurion US Student Housing Fund in Nov 2017
          (US$89.5 million)
      o First closing of Centurion Student Accommodation Fund in Nov 2018 (S$70
          million in committed capital)

Centurion Corporation Limited                                                           22
Leading Market Position with Well-Regarded
Brand (continued)
• Comprehensive amenities and facilities for a conducive environment
• Active residential life programs promote an engaged community

Centurion Corporation Limited                                          23
Student Accommodation
 20 operating assets with a total capacity of 6,252 beds (UK, US, Australia,
  South Korea and Singapore)
 On a portfolio basis, the assets are achieving high average occupancy rates for FY 2018

       Singapore                                                                                                                    Australia

                                                 dwell Selegie
                                                 • 332 beds                              dwell Adelaide
                                                 • Land tenure: 3+3+2 years (wef 2015)   • 280 beds
                                                 • 100% owned                            • Land tenure: Freehold
                                                                                         • 100% owned

       South Korea

                                                                                         RMIT Village
                                                                                         • 612 beds (4 beds still closed for AEP)
                                                                                         • Land tenure: Freehold
                                                                                         • 100% owned
                       dwell Dongdaemun
                       • 208 beds
                       • Land tenure: Freehold
                       • 55% owned

Centurion Corporation Limited                                                                                                               24
Student Accommodation Landscape
                                                 • International students for higher education grew 11% y-o-y to c. 690,468 students with
                                                   students from China (204,940) and India (89,214) being the top two contributing
                                                   countries1
            Australia                            • On-shore international students projected to increase from c. 690,4681 today to
                                                   c.720,000 - 990,000 by 20252
                                                 • There are 690,4681 full-time higher education students but c. 76,2012 PBSA beds in
                                                   Australia, thus, translating into international student to bed ratio of 9:1

                          University of South Australia, Adelaide                                                          RMIT University, Melbourne

              1. Australian Government Department of Education and Training – No. of international students in Australia
              2. Knight Frank Research & Consulting – Student Housing 2018

Centurion Corporation Limited                                                                                                                           25
Completion of dwell East End Adelaide

   The development of the new 280-bed dwell East End Adelaide has been completed in Q4 2018
    and has been open for registration and available for rent from Jan 2019, catering to the student
    intake for the new academic year from Feb 2019
   The freehold asset is strategically located in the heart of Adelaide’s city centre and walking
    distance to University of Adelaide and the University of South Australia
   Provides quality student accommodation which is in close proximity to the main Rundle Mall
    shopping strip

Centurion Corporation Limited                                                                          26
Completion of RMIT Village AEP

            Majority of the new c.160 beds under development for the RMIT Village AEP have been
             completed as at Jun 2019.
            4 remaining beds are still closed for AEP.
            Occupancy for is expected to ramp up progressively over the course of 2019.

Centurion Corporation Limited                                                                      27
Student Accommodation Landscape – South Korea

                                                                  • One of Asia’s strongest representatives in the QS Best Student Cities ranking – in the
                                                                    top 10 since 20151
                          Seoul,                                  • More than 18 universities were featured in QS World University Ranking 2018 with
                        South Korea                                 640,000 students and hosting 58% of the country’s international student population2
                                                                  • In the immediate vicinity of dwell Dongdaemun, c.59,000 full-time domestic and
                                                                    international student are enrolled in four different universities3

Kyunghee University                                                  Hankuk University                  KAIST                           University of Seoul

    1.    QS Best Student Cities Rankings 2015-2018
    2.    QS World University Ranking 2018
    3.    QS Kyunghee University, University of Seoul, KAIST and Hankuk University of Foreign Studies

         Centurion Corporation Limited                                                                                                                        28
Student Accommodation – UK
              10 operating assets with a total capacity of 2,675 beds
              Presence in five major cities with well known universities

         dwell MSV                             dwell MSV South
                                                                                 dwell 121 Princess Street                                           dwell Garth Heads
         • 1,017 beds                          • 355 beds
                                                                                 • 127 beds                                                          • 181 beds
         • Land tenure: Freehold               • Land tenure: Freehold
                                                                                 • Land tenure: Freehold                                             • Land tenure: 125 yrs wef 1995
         • 100% owned                          • 100% owned
                                                                                 • 100% owned                                                        • 100% owned

                                                                                                                                               Newcastle

                                                                                                                                            Manchester
                                                                                                                                Liverpool
                                                                                                                                               Nottingham
         dwell The Grafton                     dwell Beechwood House             dwell Weston Court
         • 145 beds                            • 37 beds                         • 140 beds
         • Land tenure: Freehold               • Land tenure: 125 yrs wef 2009   • Land tenure: 125 yrs wef 2008                                                      dwell Castle Gate Haus
         • 100% owned                          • 100% owned                      • 100% owned                                                                         • 133 beds
                                                                                                                                                                      • Land tenure: Freehold
                                                                                                                                     Bristol                          • 14.29% owned^

        ^ Centurion owns 14.29% of the Centurion
        Student Accommodation Fund, which acquired
        dwell Castle Gate House                                                               dwell Cathedral Campus
                                                                                              • 383 beds                                               dwell Hotwells House
                                                                                              • Land tenure: 250 yrs wef 2007                          • 157 beds
                                                                                              • 100% owned                                             • Land tenure: 125 yrs wef 2009
                                                                                                                                                       • 100% owned
Centurion Corporation Limited                                                                                                                                                                   29
Student Accommodation Landscape - UK

                                                 • Total higher education student numbers stable at c.1.8 million (2018/19)1
                                                 • Across the UK, there are currently 627,115 purpose-built bed spaces. As such, this
        United Kingdom                             translates into international student to bed ratio of 2.8:11
                                                 • Over 12,000 have been taken out to be refurbished in 2018/19, and a further 31,348
                                                   beds are planning to be delivered in 2019/201

             Total full time higher education students2
             (number of students)

             Manchester                                                     64,500   Newcastle                            43,000
             Liverpool                                                      43,285   Bristol                              40,700
             Nottingham                                                     65,000

                                       Manchester Metropolitan University                  The University of Manchester

      1. Cushman & Wakefield – Student Accommodation Report 2018
      2. Knight Frank – UK Student Housing Update

Centurion Corporation Limited                                                                                                           30
Student Accommodation – USA
                  6 operating assets with a total capacity of 2,145 beds^
                  Supporting universities with good national rankings and sizable student populations
                  Achieving healthy average occupancy for 1H 2019

                    Towers on
                      State

    Towers on State
       231 beds
       Tenure: Freehold

                                                                                                                                    College and
                                                                                                                                      Crown

                                                                                                                              College and
                                                                                                                              Crown
                                                                                                                                  206 beds
                                                                                                                                  Tenure: Freehold

                   Statesider

        Statesider
               226 beds
                                                                                                             Tenn
               Tenure: Freehold
                                                                                                             Street

                                                                                                     Tenn Street
                                                                                                        624 beds
                                                                                                        Tenure: Freehol

                                          Stadium View
                                             216 beds                        Logan Square
                                                                                                                      ^ Centurion owns 28.7% of the Centurion US
                                             Tenure: Freehold                   642 beds
                                                                                                                      Student Housing Fund and is the portfolio manager
                                Stadium                                          Tenure: Freehold
                                                                                                                      as well as provider of property management
                                  View                                                                                services.
                                                                     Logan
                                                                     Square

Centurion Corporation Limited                                                                                                                                        31
Student Accommodation Landscape - USA
                                               •      c.20.3 million collegiate-age student population including 1.044 million international
                                                      students1
          United States                        •      Undergraduate enrolment increased by 28% between 2008 and 2016 and is projected
                                                      to increase 3% by 2027 to 17.4 million2
                                               •      PBSA in the US catering to an estimated 12% of all tertiary education students1

       Total tertiary education students2
       (approximate number of students)

       Wisconsin                                Alabama                                      Connecticut         Florida                      Texas

       University of Wisconsin -                Auburn University                            Yale University     Florida State University     Texas A&M University
       Madison

                   43,400                                      27,300                                   12,300                40,800                    60,400

          University of Wisconsin - Madison                                Yale University                         Florida State University

                                              1. Savills - Spotlight World Student Housing 2017/18
Centurion Corporation Limited                 2. Savills - Spotlight World Student Housing 2016/17                                                                   32
Financial
Highlights
Strong Financial Growth of Accommodation Business

                                            Accommodation - Revenue1 (S$'000)                                                                                                     Accommodation - Net Profit1 (S$'000)

                                                                                                  135,386                                                                                                                                       49,069
140,000                                                                                                                                 50,000                                                                                                           -21%
                                                                                                            -13%
                                                                                    118,148 15%                    118,336                                                                                                               28%
                                                                                                                                        45,000
120,000                                                                                                                                                                                                                         38,418                          38,870
                                       CAGR: 37%                                                                                        40,000                        CAGR: 33%                                          10%
                                       2011 - 2018                     99,472 19%                                                                                     2011 - 2018                               35,189
100,000                                                                                                                                                                                                  17%
                                                                                                                                        35,000
                                                                                                                                                                                                30,142
                                                                30%
                                                       76,460
                                                                                                                                        30,000
 80,000                                                                                                                                                                                  54%
                                                                                                                               63,471   25,000
                                                 62%                                                                                                                                                                                                                          20,408
                                                                                                                                                                                19,631
 60,000
                                            47,275                                                                                      20,000                           43%
                                      26%
                             37,381                                                                                                                             13,761
 40,000                                                                                                                                 15,000
                                                                                                                                                        156%
                     188%
                                                                                                                                        10,000     5,380
 20,000     12,987
                                                                                                                                         5,000

     -                                                                                                                                      -
           2011             2012        2013           2014           2015          2016          2017        2018           1H 2019             2011          2012            2013            2014            2015            2016            2017       2018            1H 2019

                                                                Revenue                                                                                                                                   Net Profit

  Note:
  1. From core business operations

  Centurion Corporation Limited                                                                                                                                                                                                                                          34
2Q and 1H 2019 Financial Overview
            S$’000                                       2Q 2019                   2Q 2018                  Change                  1H 2019                1H 2018   Change

           Revenue                                        32,907                     30,374                     8%                   64,192                60,476     6%

           Gross Profit                                   24,656                     22,012                    12%                   46,994                43,567     8%

           Gross profit margin                              75%                        72%                      3pp                    73%                  72%       1pp

           Net Profit After Tax                           11,465                     11,063                     4%                   20,558                21,552     -5%

           Net Profit1                                    11,465                      11,063                    4%                   20,558                21,552     - 5%

           Net Profit (Equity
           holders)2                                      10,191                      9,767                     4%                   18,067                18,896     - 4%

           Net Profit Margin1                               35%                        36%                     - 1pp                   32%                  36%       - 4pp

           The higher revenue was mainly attributable to revenue contribution from dwell East End Adelaide in Australia and
            dwell Princess Street in the UK as well as the increase in rental rates from the Group’s UK assets.
           Decrease in Net Profit After Tax was mainly due to start-up costs incurred for the new properties and higher interest
            expense on additional borrowings to fund the Group’s expansion.

Note:
1. Net Profit and Net Profit Margin arising from Profit from core business operations
2. Net Profit (Equity holders) = Profit from core business operations attributable to equity holders, which excludes the 49% interest in ASPRI-Westlite.

Centurion Corporation Limited                                                                                                                                                 35
Segment Breakdown
Strong Accommodation Business Results in 2Q 2019

           S$’000                                                            Accommodation                                               Optical Disc
                                                              Workers                        Students
                                             2Q 2019 2Q 2018 Change 2Q 2019 2Q 2018 Change 2Q 2019                                         2Q 2018 Change
           Revenue                            20,539  20,106   2%    12,049  9,693   24%     319                                             575    -45%
           Segment Profit                     12,869  12,708   1%    5,685   3,848   48%     99                                              158    -38%
           Segment Margin                      63%     63%    N/M     47%    40%     7pp    31%                                             27%      4pp

                                                  Revenue (S$'000)                                          Segment Profit (S$'000)
                          35,000                                                             20,000             1%
                                                   1%
                                                                              2%             18,000                                        1%
                          30,000
                                                                                             16,000
                                                  37%                                                          30%                        23%
                          25,000                                             32%             14,000
                          20,000                                                             12,000
                                                                                             10,000
                          15,000                                                              8,000
                          10,000                  62%                                         6,000            69%                        76%
                                                                             66%
                                                                                              4,000
                           5,000
                                                                                              2,000
                               0                                                                  0
                                                 2Q 2019                    2Q 2018                           2Q 2019                    2Q 2018

                                    Workers Accom          Students Accom    Optical Disc             Workers Accom     Students Accom    Optical Disc

* Segment Profit from core business operations

Centurion Corporation Limited                                                                                                                               36
Segment Breakdown
Strong Accommodation Business Results in 1H 2019

            S$’000                                                      Accommodation                                         Optical Disc
                                                        Workers                         Students
                                            1H 2019 1H 2018 Change 1H 2019 1H 2018 Change 1H 2019 1H 2018 Change
            Revenue                          40,479 40,351    0%    22,992 19,154   20%     721     971    -26%
            Segment Profit                   25,273 25,158    0%     9,825  7,572   30%     195     395    -51%
            Segment Margin                    62%    62%     N/M     43%    40%     3pp    27%     41%     -14pp

                                                 Revenue (S$'000)                                       Segment Profit (S$'000)
                        70,000                                                            40,000
                                                 1%
                        60,000                                            1%                                                             1%
                                                                                          35,000

                        50,000                   36%                                      30,000            28%                         23%
                                                                         32%                                                                          1%
                                                                          1%              25,000
                        40,000

                        30,000                                                            20,000

                        20,000                   63%                     67%              15,000
                                                                                                            72%                         76%
                        10,000                                                            10,000

                                                                                           5,000
                              0
                                             1H 2019                    1H 2018               0
                                                                                                           1H 2019                    1H 2018
                                   Workers Accom       Students Accom    Optical Disc
                                                                                                   Workers Accom     Students Accom    Optical Disc

* Segment Profit from core business operations

Centurion Corporation Limited                                                                                                                              37
Balance Sheet Highlights
          S$’000                                                                                 30 Jun 2019                               31 Dec 2018                              Change %
          Cash & Bank Balances                                                                                     51,818                                    62,902                  - 18%
          Current Assets                                                                                           79,423                                    93,990                  - 15%
          Non Current Assets                                                                                  1,264,563                                1,227,750                      + 3%
          Total Assets                                                                                        1,343,986                                1,321,740                      + 2%
          Current Liabilities                                                                                      89,980                                    92,913                   - 3%
          Non Current Liabilities                                                                                722,575                                   703,876                    + 3%
          Total Liabilities                                                                                      812,555                                   796,789                    + 2%
          Net Assets                                                                                             531,431                                   524,951                    + 1%
          Net Gearing Ratio1                                                                                           54%                                       54%                  N/M

           Healthy Balance Sheet – S$51.8 million in cash and bank balances
           Cash and bank balances – reduction by S$11.1 million mainly due to redemption of MTN Series 3 Notes and
            payment of dividends to equity holders of the Company
           Non Current Assets – increase due to recognition of right-of-use assets from adoption of IFRS 16
           Current Liabilities - decrease largely due to settlement of the payables relating to construction costs and
            recognition of advance rental to the income statement
           Non Current Liabilities – Increase due to adoption of new IFRS 16 which resulted in recognition of lease
            liabilities of S$35.5 million
           Average long term bank debt maturity profile of 8 years
           Interest cover is well within interest cover threshold
            o 2.8 times (3.6 times excluding MTN interest, interest on lease liability and bank facility fees)
 Note:
 1. The net gearing ratio is computed as borrowings less cash and bank balances divided by total capital. Total capital is calculated as borrowings plus net assets of the Group.

Centurion Corporation Limited                                                                                                                                                                  38
Key Ratios

                                                              1H 2019            FY 2018

                       Earnings Per Share1                      2.2¢               4.1¢

                       NAV per share                           60.8¢              60.3¢

                       Share Price                             40.0¢3             41.5¢2

                       Dividend                                1.0¢4               2.0¢

                       Market Capitalisation                 S$336m3             S$349m

            Note:
            1. Excluding one-off items
            2. As at 31 December 2018
            3. As at 28 June 2019
            4. An interim dividend of 1.0 Singapore cent per ordinary share was declared for 1H 2019
               (equivalent to 5.64 Hong Kong cents per ordinary share) which will be paid on 12
               September 2019

Centurion Corporation Limited                                                                          39
Growth
Strategy

           40
Key Strengths

                                1   Healthy and Supportive Industry Fundamentals

                                2   Leading Market Position with Well-Regarded Brand Positioning

                                3   Diversified Business Portfolio across Geography and Asset Type

                                4   Quality Assets in Good Location with Supportive Operating Conditions

                                5   Resilient Portfolio with High Occupancy and Recurring Income

                                6   Broad Base of Credible Customers across Multiple Industries

                                7   Established Track Record of Portfolio Growth and Financial Performance

                                8   Significant Financial Flexibility Given Debt Profile and Funding Sources

                                9   Experienced and Competent Management Team

Centurion Corporation Limited                                                                                  41
Experienced and Competent Management Team
Highly qualified senior management with extensive experience

    Kong Chee Min                       Foo Ai Huey                    Kelvin Teo                            Ho Lip Chin                       Leong Siew Fatt
    CEO                                 CFO                            COO,                                  CIO,                              Head,
                                                                       Accommodation                         Accommodation                     Student Accommodation
                                                                       Business                              Business                          Business

   Appointed as the Group’s           Appointed as the Group’s          Responsible for the day-to-       Responsible for growing          Responsible for overall
    CEO in August 2011 and              CFO in August 2011 and             day operations and                 the Group’s                       management of the
    oversees its operations and         oversees its finance               expansion of the Group’s           Accommodation                     Group’s Student
    strategic growth                    accounting and tax                 accommodation business             Business                          Accommodation
   Joined the Group in 1996            functions                         First Vice President of           Over 20 years of                  Business across the
    and was its Regional CEO           Over 25 years of                   Dormitory Association of           experience in real estate         United Kingdom, United
    and Finance Director                experience in finance and          Singapore                          and hospitality industries        States, South Korea,
                                        accounting related                                                    across Asia Pacific               Australia and Singapore.
   Certified Public Accountant                                           Over 30 years of
    with over 26 years of finance       experience                         experience in the property                                          Over 32 years of
    and corporate management           Named Best CFO (Small              and accommodation                                                    experience in technical,
    experience                          Cap Category – companies           development and                                                      operational and
                                        with less than S$300 million       management business                                                  management experience
   Named Best CEO (Small
    Cap Category – companies            in market capitalisation) at
    with less than S$300 million        the Singapore Corporate
    in market capitalisation) at        Awards 2017
    the Singapore Corporate
    Awards 2016

Centurion Corporation Limited                                                                                                                                         42
Latest Corporate Development
 SINGAPORE BUSINESS AWARDS 2019
         The Enterprise Award

 LE FONTI AWARDS 2019
         Customised Accommodation Management Services
               • CEO of the Year
               • Best Provider of the Year

 SINGAPORE CORPORATE AWARDS 2019
         Best Annual Report Award
               • Bronze Winner (Mid-cap Category)

 INAUGURAL SECURITY INDUSTRY TRANSFORMATION AWARDS 2019
         Gold Award for Early Adopters of Security Transformation (Individual)
               • Awarded to Mr Lim Choon Kwang (Director, Global Security)

Centurion Corporation Limited                                                     43
Growth Strategy
Strategic focus for growth of the accommodation1 business in a prudent manner

                                                                 Four developments/Asset Enhance Programmes completed in 2H
                                                                  2018 and 1H 2019, adding 7,248 beds in 2019
                 Organic                                         Additional PBWA leases and development projects to further add
                 Growth                                           2,300 beds in 2019, 3,600 beds in 2020 and 6,100 beds in 2021
                                                                 To enhance project returns through selective asset enhancement
                                                                  initiatives across existing portfolio assets

                                                                  Selectively grow accommodation business through strategic
              Acquisition                                          acquisitions in existing and new markets
               Growth                                             Explore new accommodation asset types which can provide
                                                                   diversification to the company and where the company can add value

                                                                 Scalable growth through joint ventures and asset light strategies,
             Investment                                           including the establishing of private investment funds
            Management
                                                                 Providing fee-based investment, asset and property management
               Platform
                                                                  services

Note:
1. The operating environment for the Group’s Optical Disc Business is likely to remain challenging as market demand for physical storage media falls with consumers shifting to internet downloads and streaming
   from physical packaged media. The Group will carefully calibrate and scale down its factory capacity according to demand, and exercise prudent cost management strategies to ensure that the business continues
   to contribute positively to overall profitability and generates cash flows to meet the Group’s expansion needs.

Centurion Corporation Limited                                                                                                                                                                               44
Q&A

For any enquiries, please contact:
Investor Relations Manager
Mr George Goh | Mr David Oh
george.goh@centurioncorp.com.sg | david.oh@centurioncorp.com.sg
Tel: +65 6745 3288
W: www.centurioncorp.com.sg
Centurion Corporation Limited
(Incorporated in the Republic of Singapore with limited liability)
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